Blis forecasts doubling in FY sales, small pretax surplus 20 Nov 2015
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Blis forecasts doubling in full-year sales, small pretax surplus, after first-half loss narrows
By Jonathan Underhill
Nov. 20 (BusinessDesk) - Blis Technologies,
the probiotics manufacturer that has replaced its chief
executive after nine years, expects to double annual sales
and achieve a small pretax surplus after narrowing its
first-half loss.
The loss was $405,000 in the six months ended Sept. 30, from a loss of $808,000 a year earlier, the Dunedin-based company said in a statement. Sales rose to $2.7 million from $1.1 million.
Blis, which was set up
to commercialise probiotic bacteria for use in consumer
products, first listed in 2001 and its shares have never
again scaled the heights of its first few weeks of trading,
when they reached 79.7 cents. It now has 1.1 billion shares
on issue, which last traded at 2.7 cents, valuing the
company at $29.8 million. Today the company outlined a
five-point strategy to drive dietary and food ingredient
revenue, develop new products, expand online sales, forge
long-term strategic partnerships and continue seeking
regulatory approvals and protection of its intellectual
property.
"This half-year result demonstrates a work
in progress with a positive outlook," chairman Peter
Fennessy said. "We have strategies in place, we are being
disciplined around the way growth is being managed, we will
be subject to the usual unexpected glitches that arise from
time to time in manufacturing and exporting and we are
developing a company that has resilience and adaptability to
be able to deal with those events."
One unexpected glitch was having to take a $350,000 provision against its first-half results for a speckled discolouration of a lozenge product line in Europe. A particular formulation for one European customer found extreme humidity created speckling of the product, which "remains safe although cosmetically unacceptable", it said this month.
Its
full-year guidance is dependent on the final cost of
replacing the discoloured product in Europe not exceeding
the provision, it said today. Assuming costs come in as
expected, revenue in the 12 months ending March 31, 2016, is
forecast to jump to $5.3 million from $2.5 million last
year. It expects to record "a small full-year surplus" on an
earnings before interest, tax, depreciation and amortisation
basis.
Among highlights in the first half, it cited Health Canada approvals for specific label claims on products containing its BLIS K12 formula, higher sales from its North American and European distributors, and appointment of staff in quality control, business development, research and development. Challenges in the half included increased costs, regulatory changes that were slowing the product launches in markets including China, and quality control.
The company won't pay a dividend and again
paid no tax. Expenses, including the provision, jumped 61
percent to $3.1 million.
The shares have climbed 42 percent this year.
(BusinessDesk)
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